QE has a nominal rate of zero, but it has an arbitrarily large negative delta in terms of real rate of return lost when holding cash.
Both heavily advertised QE and negative interest rates are the same thing: the central authority is stealing your future money in hopes you will realize this and spend money in the present to raise "demand."
As an aside, the fact that anyone could possibly confuse this immediate, poorly thought-out consumption (eating your seed crop) with actual capital investment (under-consumption of your seed corn to grow more in the future) is beyond me.
